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The 108th Annual General Meeting (AGM) of Garden Reach Shipbuilders and Engineers (GRSE) Ltd, a Schedule ‘A’ Mini Ratna Category 1 company, was convened on Friday, September 20, 2024. Among those who attended were Cmde P R Hari, IN (Retd), Chairman and Managing Director, GRSE, Shri R K Dash, Director (Finance), Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding), DIG Subrato Ghosh, ICG(Retd), Director (Personnel) along with the Government Nominee Director, Shri Rajeev Prakash, Independent Directors, Shri Sanjay Dattatraya Panse & Shri Sanjeeb Mohanty, and Company Secretary, Shri Sandeep Mahapatra, and shareholders of the company.

FY24 has been the most successful year in GRSE’s history in terms of key performance parameters.

* Revenue from Operations increased by 40% from Rs 2,561 crore in FY23 to Rs 3,593 crore in FY24.

* Total Income grew from Rs 2,763 crore in FY23 to Rs 3,892 crore in FY24. This increase of Rs 1,129 crore over the previous year was a growth of 41%.

* The EBITDA stands at Rs 534 crore in FY24, as against Rs 351 crore in FY23. This is an increase of 52%.

* The Profit After Tax (PAT) increased by 57% from Rs 228 crore in FY23 to Rs 357 crore in FY24.

* Earnings per share (EPS) grew by 57% from Rs 19.91 in FY23 to Rs 31.19 in FY24.

At the 108th Annual General Meeting, the shareholders of the Company approved a Final Dividend of Rs. 1.44 per equity share of face value of Rs 10 each for the financial year 2023-24. This is in addition to the Interim Dividend of Rs. 7.92 per equity share of face value of Rs 10 each, which was paid in February, 2024. The total dividend declared for the financial year 2023-24 is Rs 9.36 per equity share of face value of Rs 10 each.

Highlighting the upgradation of GRSE from Schedule ‘B’ to Schedule ‘A’ CPSE by the Government of India on 17 Sep 24, Cmde P R Hari, IN (Retd), Chairman and Managing Director, GRSE, congratulated employees, investors & all stakeholders of the company. He mentioned that 2023-24 was a remarkable year for the Company, both in terms of physical and financial performance. The fiscal began with the commissioning of MV Ma Lisha, an Ocean-going Passenger-cum-Cargo Ferry for the Cooperative Republic of Guyana that was designed and built by GRSE. On August 17, 2023, the 3rd 17A Guided Missile Frigate Vindhyagiri was launched by the Hon’ble President of India. On December 4, 2023, on the occasion of Navy Day, GRSE delivered INS Sandhayak, India’s largest survey vessel, to the Indian Navy. ‘Dheu’, the ‘Next Generation Zero-Emission Electric Ferry’ was also launched for the Govt. of West Bengal on Jan 11, 2024.

“As on June 30, 2024, GRSE’s order book stood at Rs 25,231.29 crore. Apart from 18 warships, we are also handling four export projects and building an advanced Ocean Research Vessel (ORV) for the National Centre for Polar and Ocean Research (NCPOR) under the Ministry of Earth Sciences. A large number of RFPs are set to be announced soon and we are confident that we shall be able to bag a lion’s share. I assure you that our order book will remain full in FY27 even after all our present orders are executed. It is also a matter of great pride that our Bridges Division has recorded a revenue of Rs 140 crore in FY24, up from Rs 69 crore in FY23. Our primary customers in this segment are the Border Roads Organisation, Indian Army and the National Highway and Infrastructure Development Corporation with whom we signed an MoU recently for Double Lane Class 70 Modular Steel Bridges and Bailey Bridges,” Cmde Hari said.  

The company has also diversified into the manufacture of weaponry and has signed a contract with the Indian Navy for supply of ten 30mm Naval Surface Guns with Electro-Optical Fire Control Systems. The CMD also stated that GRSE Accelerated Innovation Nurturing Scheme (GAINS- 2024) has been recently launched and elaborated on how the first edition (GAINS-2023) helped in identifying two organisations that are now working on Artificial Intelligence (AI) and Robotics-based projects to provide the Company latest technology in the field of shipbuilding.

“We have also bagged export orders for commercial vessels and are currently working on four Multipurpose vessels for a European client. In line with the ‘Option Agreement’ signed between both parties, the client  has now exercised the option for procuring four more MPVs from GRSE.  In addition,  have also received orders for a dredger and an ocean-going tug from a friendly foreign nation.” Cmde Hari said.

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